Long Beach officials hope to boost local entrepreneurs by partnering with an online micro-financing platform called Kiva that allows borrowers to crowd-fund loans of up to $10,000.

The push to increase the nonprofit’s visibility is part of a larger goal for Long Beach to expand economic opportunity across the city, in part, through new policies that would expand resources for low-income, minority- and women-owned members of the community, among other goals.

“To me, economic inclusion means creating an environment where everyone has a seat at the table and has an opportunity to thrive,” Vice Mayor Rex Richardson said at a press conference this week in North Long Beach. “That means small business owners, aspiring entrepreneurs, and homeowners from all parts of town have access to what they need to grow wealth, grow their business and thrive.”

The press conference was a launching pad for the “Everyone In” initiative, led by Richardson’s office, which includes plans for Long Beach to become a “Kiva City,” a program created to infuse more economic capital into businesses in cities that need it most. So far 16 cities across the United States have the designation, including Oakland and Los Angeles. Launched in 2005, the global nonprofit has facilitated funding for some 2.5 million loans totaling over $1 billion.

The loans are intended for aspiring small business owners, including those who may be considered risky borrowers due to income levels, poor credit or limited collateral, said officials, who will consider the idea at Tuesday’s City Council meeting. Borrowers in Long Beach can access these loans now, on their own, but the designation would place higher priority on the loans, and would give the city more leverage in encouraging donors to help fund the loans, Richardson said.

Small businesses are the backbone of the local economy, he said. Of the more than 9,800 small businesses in Long Beach, 87 percent have fewer than 10 employees (excluding commercial and residential real estate licenses and home-based ventures), according to city figures.

Councilwoman Stacy Mungo said at Wednesday’s event that she had already created a Kiva account and contributed $25 to help fund a small business loan, which is the maximum an individual can contribute. Once Long Beach becomes a Kiva City, she challenged residents to do the same.

“I want to be the city that has the most donors to our own community in the system,” she said, “but we can’t do it without each and every neighbor.”

But Kiva, which means “unity” in Swahili, is just one aspect a larger economic inclusion initiative led by Richardson’s office called “Everyone In,” an expansion of a key focus area in the city’s Blueprint for Economic Development. The blueprint is a recently adopted 10-year plan that aims to create a culture of economic opportunity.

The City Council will have a larger discussion on economic inclusion on Tuesday when Richardson, and other council members, introduce the Kiva City item along with the following three related items:

Economic equity profile study: partner with Long Beach’s Office of Equity identify a philanthropic or educational partner to conduct an economic equity study on the city and report back in 90 days;

“Everyone In” listening tour: ask the Economic Development Commission to reach out to marginalized and disenfranchised segments of the business and working community to educate them on available resources and to learn what they need to succeed;

Youth banking and financial literacy: provide access to free checking and savings accounts, and conduct financial literacy education to all youth who participate in Long Beach’s workforce development programs and report back in 90 days.

“Inclusion means that we have to start the conversation and be intentional about including folks who are not already included,” Richardson said.

Courtney Tompkins is a freelancer. Courtney previously covered Long Beach City Hall for the Press-Telegram and local government and education for the Pasadena Star-News and San Gabriel Valley Tribune. She is a graduate of Cal State Long Beach, where she studied journalism and international relations.

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